He says that steel prices are seen firm for next six months, however, they could soften from March onwards, when new capacities come into play.
Excerpts from CNBC - TV18's exclusive interview with JJ Irani:
What is your outlook on steel prices going forward?
Steel prices are now an international phenomenon. India cannot have steel price movements different from what is happening in the rest of the world. Internationally though, steel prices are hardening a bit.
Certainly for the next two quarters I don't see them coming down below the present levels. They may go up slightly higher but they won't come down below the present level for the next 3-6 months. After that when new capacities come into play maybe there would be some softening.
There is a growing tendency among many Indian corporates now, after Mittal Steel's takeover of Arcelor, many Indian corporates across the board are increasing their holdings via creeping acquisitions. What do you see of this trend?
What Mr. Mittal has done for the steel industry is a good thing. Size does matter in negotiations with raw material suppliers or with customers. So what Mr. Mittal has done is the right thing for the steel industry, and I certainly see this trend accelerating in the industry worldwide. I have no comments about what will happen in India.
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